Cogeco Communications : Q1-2023 Presentation to Investors

Investor Update

As of January 12, 2023

TSX: CGO | TSX: CCA

Contents

Cogeco Communications (TSX: CCA)	4
Breezeline	14
Cogeco Connexion	18
Additional Financial Information	22
Cogeco (TSX: CGO)	26
Appendix	30
Customer Profile	31

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Forward-looking statements and presentation of financial information

Forward-looking statements

Certain statements contained in this presentation may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events, business, operations, financial performance, financial condition or results. Particularly, statements regarding our financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which we believe are reasonable as of the current date. Refer in particular to the "Corporate Objectives and Strategies" and the "Fiscal 2023 Financial Guidelines" sections in the 2022 annual Management Discussion and Analysis ("MD&A") and the "Corporate Objectives and Strategies" and "Fiscal 2023 Revised Financial Guidelines" sections in the 2023 first quarter MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements.

Forward-looking information involves known and unknown risks and uncertainties and other factors which may cause the actual results to differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and may be affected by a number of factors, many of which are beyond the Corporation's control. The uncertainties and main risk factors that could influence actual results are described in the "Uncertainties and main risk factors" section of the 2022 annual MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what we currently foresee. The reader should not place undue importance on forward-looking information contained in this presentation and forward-looking statements contained in this presentation represent our expectations as of January 12, 2023 and are subject to change after such date. While we may elect to do so, we are under no obligation (and expressly disclaim any such obligation) and do not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.

Presentation of financial information

This presentation also includes non-IFRS and other financial measures (as indicated below and numbered from i) to viii) in the presentation) that are not standardized under IFRS and might not be comparable to similar financial measures disclosed by other companies. Certain additional disclosures for these financial measures, including reconciliations to the most directly comparable IFRS financial measures, have been incorporated by reference and can be found in the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the first quarter of 2023, the "Non-IFRS and other financial measures" section of the Corporation's 2022 annual MD&A for the years ended August 31, 2022 and 2021, and in the "Non-IFRS financial measures" section of the Corporation's 2021, 2020 and 2019 annual MD&A for the years ended August 31, 2020 and 2019, available on SEDAR at www.sedar.com

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1. Adjusted EBITDA is total of segments measure. Adjusted EBITDA margin is a supplementary financial measure
2. Free cash flow and free cash flow excluding network expansion projects are non-IFRS financial measures
3. Net capital expenditures is total of segments measure
4. Constant currency basis is a non-IFRS ratio
5. Capital intensity is a supplementary financial measure. Capital intensity excluding network expansion projects is a non-IFRS ratio
6. Free cash flow dividend payout ratio and free cash flow, excluding network expansion projects, dividend payout ratio are non-IFRS ratios
7. Net indebtedness to adjusted EBITDA ratio is a capital management measure
8. Available liquidity is a non-IFRS financial measure

IFRS 16 has been applied as of September 1, 2019 using the modified retrospective approach where the comparative period was not restated but the cumulative effect is recognized in the opening retained earnings of FY2020. Accordingly, FY2019 financials and any preceding years were not restated for these changes. IFRS 16 eliminates the distinction between operating and finance leases, requiring instead that future lease payments be capitalized and recognized as lease liabilities. As a result, the presentation of expenses between operating expenses, depreciation and financial expenses has changed.

Unless otherwise noted, all amounts are expressed in Canadian dollars.

TSX: CCA

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Overview

• Growing competitive force in the North American telecommunications sector with a presence in Ontario, Québec and 13 states in the United States
• Unique North American broadband platform with strong operational experience
• Providing Internet, video and phone to 1.6 million residential and business customers
• Well-positionedas a consolidator of targeted regional broadband operators

	(1)	For the twelve months ended November 30, 2022
5	(2)	As of January 3, 2023
(3)	Caisse de dépôt et placement du Québec ("CDPQ") owns 21% of Breezeline

			TSX:CCA
$2,944M RevenueLTM	(1)		$3,539M CapitalizationMarket	(2)

(3)

$1,457M RevenueLTM

(1)

$1,487M RevenueLTM

(1)